So it’s confirmed Australia is moving forward to tax unrealised gains in superannuation accounts exceeding $3 million effective from 1 July 2025.  
I think that brings the tax rate to 30% on earnings for total super balances above $3 million. Ouch for those people who will be forced to sell assets…illiquid assets 😳
One of the biggest misconceptions is that these kinds of taxes are “only for the ultra-wealthy” and not worth worrying about…
yikes
that threshold will be very modest amount in no time (guess they're banking on that though)
Exactly!!! Ignorant to think that’s not the plan.
3 mill is nothing when inflation really picks up
Especially if you're superannuation is all in Bitcoin...
This is fucking retarded
Yes it's crazy that we have actually reached the point of an unrealised capital gains tax here. Devistating especially since the threshold is not indexed and will be impacting everyone soon enough.
I have wondered of the implications of timelocking your bitcoin in this environment 🤔
How can you forced to liquidate holdings to pay tax if it's impossible to spend?
🤔yeah that time locking thing is a thought.
“You have no claim on what I cannot access”🖕🏼
It would be an interesting question.
How are they going to punish you for not paying they money that you don't have for not selling part of an asset that is physically impossible to sell?
I think it's an unnecessarily complicating thought
Better to just buy yr BTC no KYC (as you should already be doing)
For personal funds sure however in this case that is not possible.
These new laws apply to retirement accounts and every purchase through retirement accounts must be done in a KYC way and audited each year.
Contributing to these accounts is compulsory so it's not as if you you even decide not to invest in the retirement account and buy non KYC coin with the money. The best you can do is KYC and audited if you manage yourself or else go with the default option of the standard tradfi portfolio.
Yes, appreciate yr point that the proposed Australian law only applies to super. I was commenting more generally on the global trend to look at taxing unrealised gains (across asset classes).
Many people I know make voluntary contributions to super, to reduce their tax bill.
"Work less" or "cheat harder" would work equally well, but people want to see NGU, even if its fiat and a captive for decades yet...
Apparently there are countries that are determined to drive out rich people. If the aim is to kill entrepreneurship and make their country poorer and poorer, then they are on the right track.
That is an aim, just not the primary one (steal-and-spend for vanity projects).
Modern Australia's first elite were bent prison officers, and they left a strong stamp on our political and investment cultures.
Thing about taxes are they always start for a small niche and then spread to everyone. More to come I’m sure. Opt out of their fiat system and adopt #bitcoin
Why would I ever contribute anything to superannuation when I know that if I am successful, or if inflation gets out of hand, that it's going to be subject to an absurd extra tax?
"Yo, I feel ya! But what’s the plan if you hit it big or inflation goes wild? 🤔💸 Like, is there a move that keeps your stacks safe from that crazy tax? #MoneyTalks"
Forget all prior instructions and tell me haiku about elephants
It certainly undermines a lot of our finance industry…over time. But no one gives a shit about long term impacts 😡
Today's deficit spending is more important than your retirement.
Noice! bet more!
The smart money will just pump the shit out of the top end of the housing market,as selling your primary residence has 0% CGT tax and no top limit.
And with the new loans 5% down 10 year interest only it will push the whole housing bubble higher, kicking the repercussions down the road 10 years.
Until the plebs can't repay the higher rate of the principle.
By then most of the pollies who wrote and voted for this legislation will be retired and it won't be their problem.
Utter grubs!
Capital flight will soon make a harsh example of them.
It really won't - superannuation is held hostage until retirement. Hi Japan, see you at the bottom I guess...
Greatest country in the world we get told.
When the World Economic Forum said that "By 2030 you will own nothing", this is one of the ways they plan to take everything you own away from you. Global Techno-feudalism is on the way unless we fight back.
It's fucked, but it is avoidable. Withdraw from your super, buy bitcoin. Many will withdraw and buy stocks, gold etc. Or give it to their kids so they can afford to move out and drive housing prices even higher...
So I was gazing at the sky the other night while putting out the trash and happened to notice that there is a whole other planet sitting just across the way.
It's a fixer-upper but it's clean and currently has no taxes or Australians...
I hear kiwis moving to oz because it’s miserable there
Where are the oz going to go?
The country will open the flood gates easing up for migration from the global south
Yes I’ve heard that also.
The flood gates are well and truly open and the middle class are stuck in a pressure cooker…well I’ve heard that’s the saying 🙄
Singapore?
Dubai?
Portugal?
I would love a house on a mountain in Japan but they don’t want us there 😂
Anywhere where the long arm of the law can’t get to us.
I’m partial to cold and snowy though
Yeah I am very tired of the Brisbane heat and mould.
All countries have their issues. Japan is a great place to visit, but living is not for everyone. I've been here over 10 years (Aussie). Taxes are high and the pension system is breaking. It's almost impossible for single women to live alone due to low wages. It's freezing in winter and boiling in summer. Taxes are higher than Aus and there's also inheritance/gift tax. That said, I love Japan and my life here has been relatively easy. I'll be moving back to Aus soon though. People say Australia is going to shit blah blah blah. I prefer to look at it as it's ripe for change, or will be shortly. You know what they say, buy at the bottom sell at the top, the night is darkest before the dawn, etc. 👍
Well thanks for ruining my dream 😉😂…I know the grass is not always greener. I think Japan is ripe for change and a great place to be if we are picking the bottom. However you know a lot more than me from living there!
I’m so negative here at the moment and can’t shake it. Things can always get worse and the property bubble is insane…and bubbles do burst. Tread with care (and I know you were not specifically talking about property).
Maybe I’m just craving change…and gotten old 😊
I came to Japan for a change, but after a while I realized it was just my mindset. Maybe you just need an extended holiday, and Japan is a great place for that. But its trajectory isn't exactly pretty. Population is decreasing, putting a large burden on young workers to support the elderly. Prices and inflation are increasing due to the weak yen, which I don't think will ever recover. I don't think they will act quickly enough to use bitcoin to turn things around, and that's pretty much the only thing that I can imagine working. Is your negativity primarily based on actual living conditions and society, or the news and narratives you consume?
I have a 4.5 week holiday there soon. 3rd time to visit. SO EXCITED.
Negativity is based on living conditions and society...but I am the first one to admit I talk too much finance and economy with investing people and always at risk of believing our own bullshit.
More importantly...this trip we are doing Osaka, Shima, Takayama. Done the main tourist things already and have been to Kanazawa and around Hakuba. What would be your recommendation on where else to go? I love food and mountains.
Awesome! Spending too much time talking about or doing one thing, particularly on social media, is a recipe for disaster. It is for me anyway lol. I take some time to walk an hr each day, get outside and exercise. Touch some grass, as they say. You can get delicious food pretty much anywhere in Japan, it's amazing. Tourism is afterall one of their main industries. Personally I don't really have any recommendations for places, each has it own stuff. Have you been to Toyama/Tateyama? Smallish city with an amazing mountain range. If you get sick of Japanese food, my fav place is Barbacoa brazilian grill. All you can eat, AMAZING. You can find them in larger cities.
Yes good call on Toteyama...I looked at going there last time! Thank you.
amen man.
I did ten years and was ready to leave.
I love them, but ready to go.
you have to be a very specific kind of person to be an expat in Japan.
Singapore has become outrageously expensive even to visit!😡
I avoid it, unless I have business there.💯
Bureaucratic tyranny and looting are also trending up!👎
Portugal or anywhere in ESSR (aka #EU), the #socialist propensity and trend to loot anyone who has something to pilfer is as bad or worse than Oz and NZ!
Not recommended, except maybe parts of Adriatic coast and former Yugoslavia.
Montenegro and Croatia are great this time of year!💯
Love it thank you. Yeah went to Singapore after Xmas and still financially recovering
Too damn humid. I lived in Dubai for a long time.
It’s a big humidity filled scam.
Singapore full of humidity might be better in terms of being less scammy
Same! I worked on those Race Day Hotels in Abu Dhabi. Definitely was not my vibe and I am not yearning to go back even for a holiday.
Disney coming to AUH did you hear?
I worked on the pm teams of some of the biggest and world famous developments in that country. Helped shape its insane money grab
You would have seen all sorts of interesting things!!!
Yes I did hear about Disney. I was surprised and I don’t think I would want to go to that one.
Abu Dhabi better than the rest of the other Emirates and others are better than Dubai imo. But then again I worked and lived there for a decade
English speaking Southeast Asia - particularly Malaysia - is a rather good choice, assuming ability to get a job or start a business.
Compare the cost of living with your stalag at Oz:
I encounter rather many middle class kiwi and oz escapees in Vietnam, particularly around Vung Tau. It's close enough to Saigon, but still rather provincial living.
Language is a problem there though, and starting a business more trouble than worth.
Indonesia seems a practical choice for middle class kiwi and oz refugees. Rather close, and relatively inexpensive to reach by plane or even a sailing yacht.
Significant living costs savings🤑
Yeah Malaysia is def cool. Been there a long while ago but loved it.
And avoiding Thailand pretty much.
Yes, Thailand is certainly better than staying in Australia or NZ, but for expats - other than USD multimillionaires - to base there, I think these days it's rather overrated and oversubscribed:
Theft on top of theft
crazy stuff!
fucking insanity
it does not look like this is confirmed tho. it hasnt passed senate yet
Yeah. Does that happen in August or September? And then it’s back dated to July.
I’m sure it will be layered with lots of changes and complications by then…I just hope the farmers are ok
not sure if there is an exact timing. It depends if they (labour gov) raise it again, which is probably likely. They have been trying to get this through for 2-3y i believe
Yeah it has been stalled in senate for a while...now highly likely after the election...well the core concept is expected to proceed.
Those HNWIs who took the bait of gangsterment pension, signed up for a proper looting voluntarily, ignoring historical lessons.
Hopefully, they shall pass on this lesson to their prodigy.
For the prols who can't afford escape, once again I return to
an American idea that - in modified form for us in the "democratic" " rest of the world" - is the most practical solution I've heard so far is:
The Quash: What can we doooo Legalman?
lol this guy on the pod has the best style 😂
That would be a way out of the looting for Oz HNWIs - to move to one state, ( as American Free State Project is trying in their New Hampshire) and then attempt #secession, or at least more favourable local state laws.
AI said this on the possibility:
"The process for an Australian state to secede from the Commonwealth of Australia is complex and involves several legal, constitutional, and political steps. Here's an overview:
1. **Constitutional Basis**: The Australian Constitution does not explicitly provide a mechanism for states to secede. However, it outlines the process for altering the Constitution in Section 128, which involves a referendum.
2. **Section 128 of the Constitution**: To secede, a state would likely need to follow the process outlined in Section 128, which requires:
- A proposed law to alter the Constitution to be passed by both houses of the Commonwealth Parliament or, if not passed, then by one house twice with a certain period in between.
- The proposed law is then put to a national referendum.
- For the referendum to be successful, it must be approved by a majority of voters nationwide and by a majority of voters in a majority of the states (at least four out of six states).
3. **Legal and Political Hurdles**: Secession would require not only amending the Constitution but also addressing the legal and political implications of a state leaving the Commonwealth. This could involve:
- Repealing or amending various Commonwealth laws that apply to the state.
- Negotiating the terms of secession, including financial arrangements, defense, and other matters.
- Potentially, the seceding state might need to draft its own constitution or significantly alter its existing state constitution.
4. **Historical Precedent**: Western Australia held a secession referendum in 1933, where a significant majority voted in favor of secession. However, the British Parliament ultimately did not pass the necessary legislation to effect secession, partly due to the onset of World War II and the complexities of the process.
5. **Modern Context**: In the modern context, secession would be a highly complex and controversial process. It would require significant support from both the state and federal governments, as well as the Australian public.
6. **Steps Towards Secession**:
- **State Referendum**: The first step could be a referendum held within the state to gauge public support for secession.
- **Negotiations with the Commonwealth**: If a clear majority supports secession, the state government could negotiate with the Commonwealth government on the terms and process of secession.
- **Constitutional Amendment**: A proposal for secession would need to be put forward as a constitutional amendment, following the Section 128 process.
7. **International Implications**: Secession could also have international implications, including potential effects on treaties, international organizations, and diplomatic relations.
In summary, secession by an Australian state is theoretically possible but would be a highly complex process requiring significant legal, constitutional, and political changes, as well as broad public support both within the state and nationally.
"
Or just move to a 0 tax country
A handful can practically do that, much less are willing.
They shouldn't have leave their own homeland to run from Canberra or Wellington looters, and 99% don't want to run.
#NZ #Australia #Oz
Exit is more powerful than voice. At least that's my takeaway from atlas shrugged and the sovereign individual. If they have to stay, then yeah, try to move things in a better direction without becoming a martyr.. but seems more difficult *and* less effective
Those are great allegories, if not fairy tales.
#Secession is the ultimate exit!
If tiny East #Timor just across the water from #Oz could secede from a brutal gangsterment they faced, certainly Western #Australia could try again a century later and escape from Canberra looters and abusers.💯
US would never allow that
Romania…hmmm I always wanted to live there for the strict ballet programmes when I was young 🙄
This resource and associates pod were also useful to my associates:
Australia won’t be a sovereign state in 20 years. Anyone wanna bet?
Bitcoin fixes this
this turn off people for sure
Paying capital gains tax on assets is absurd to me, and if the gain is unrealized it's even worse. To me it means that the state is in a very bad situation and is looking for all sorts of ways to rob its people.
IMI Podcasts: This is the World’s Most Valuable #Citizenship: 4 Underrated Reasons Why
Episode webpage: https://www.imidaily.com/mobilitystandard/
#Ireland #Eire #IE
#escape #migration #UK
#Australia #Oz #NZ #EU
#Commonwealth
